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BoE And ECB Rate Decisions Likely To Trigger Market Movement

Published: 6 Mar at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6715
The Pound was within touching distance of a four-year high against the US Dollar as local trading got underway and investors focused on the Bank of England’s upcoming interest rate announcement.

US Dollar
USD/GBP – Trading in the Region of 0.5983
With investors betting that tomorrow’s US non-farm payrolls report will fall short of forecasts, the US Dollar softened against the majority of its higher-risk currency counterparts. Today’s US factory orders data may inspire additional ‘Greenback’ movement.

EUR/USD – Trading in the Region of 1.3733
The Euro held declines against the US Dollar ahead of the European Central Bank’s highly anticipated policy announcement. If the central bank introduces additional stimulus the Euro could plummet.

Australian Dollar
AUD/USD – Trading in the Region of 0.9036
Another batch of stronger-than-forecast economic figures for Australia boosted the nations’ currency overnight. Surging retail sales and a widening trade surplus further lowered the odds of the Reserve Bank of Australia cutting interest rates and helped the ‘Aussie’ broadly strengthen.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8455
The ‘Kiwi’ approached a seven-week high against the US Dollar during the local session and was trading higher against the Pound and Euro. However, the New Zealand Dollar did drift lower against a supported ‘Aussie’.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9065
Yesterday the Bank of Canada opted to leave policy unaltered and delivered a very neutral policy statement. The ‘Loonie’ recorded modest gains following this and could consolidate gains today if Canada’s Ivey purchasing managers index delivers a positive result.

Japanese Yen
USD/JPY – Trading in the Region of 102.7200
Developments in Japan pushed the Yen to an almost two-week low against its US counterpart. The Asian asset lost ground against almost all of its major rivals as investors rediscovered their appetite for risk.

South African Rand
USD/ZAR – Trading in the Region of 10.6695
Although emerging market currencies advanced in response to calming Ukraine tensions, the Rand softened as electricity provider Eskom announced its fourth power emergency this year. Today’s Eurozone and US news could cause further Rand movement.
As of Thursday, 6th March 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2074, GBP USD exchange rate was 1.674, GBP AUD exchange rate was 1.8387, GBP NZD exchange rate was 1.9754, GBP CAD exchange rate was 1.8393, GBP JPY exchange rate was 172.4959, and GBP ZAR exchange rate was 17.7696.
Dominic Lee About Author: (474 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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